Investment Rating - The report assigns an "Accumulate" rating for China Resources Beer [1][11]. Core Views - The company's performance met expectations, with operational data for January and February exceeding forecasts. The management emphasizes entering the "Three Precision" era, aiming for quality improvement and efficiency enhancement, which is expected to lead to sustained profit margin improvements. The current stock price corresponds to a PE of 16X for 2025 [3][11]. Financial Summary - In 2024, the company achieved revenue of 38.635 billion yuan, a year-on-year decrease of 0.76%. The net profit attributable to shareholders was 4.739 billion yuan, down 8.03% year-on-year. EBITDA increased by 2.9% [11]. - The projected net profits for 2025, 2026, and 2027 are 5.190 billion yuan, 5.483 billion yuan, and 5.814 billion yuan, respectively [11]. - The company plans to increase its dividend payout, with a projected dividend of 0.387 yuan per share for 2024, resulting in a payout ratio of 52.1% [11]. Operational Performance - The company reported a beer sales volume of 10.874 million kiloliters in 2024, a decrease of 2.5% year-on-year, while the unit price increased by 1.5% to 3,355 yuan per kiloliter. The gross profit margin improved by 0.9 percentage points to 41.1% [11]. - The management has set a short-term sales target of 1 million kiloliters for Heineken and aims to double this figure in the second five-year plan starting from 2024 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 13.577 billion yuan, a year-over-year decrease of 5.36%. Excluding the impact of divesting the loss-making business, the revenue from continuing operations increased by 6.5% [8] - The net profit attributable to shareholders for 2024 was 1.238 billion yuan, reflecting a year-over-year increase of 20.23%, driven by the divestment of the loss-making business [8] - The main brand, Xtep, is focusing on direct-to-consumer (DTC) strategies, with e-commerce leading growth and offline channels being optimized. The company plans to convert 400-500 distributor stores to DTC by 2025 [8] - The subsidiary brand, Saucony, achieved revenue exceeding 1 billion yuan in 2024, with a year-over-year growth of 57.2%. The company plans to expand its flagship stores in high-tier cities [8] - The gross margin improved by 2.8 percentage points to 43.2% in 2024, with a healthy cash position reflected in a net cash of 985 million yuan, a year-over-year increase of 5.6% [8] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 1.37 billion yuan and 1.57 billion yuan, respectively, while a new forecast for 2027 is set at 1.77 billion yuan [8] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 13.577 billion yuan, 14.313 billion yuan, 15.471 billion yuan, and 16.708 billion yuan, respectively [1] - The net profit attributable to shareholders is projected to be 1.369 billion yuan in 2025, 1.566 billion yuan in 2026, and 1.768 billion yuan in 2027 [1] - The earnings per share (EPS) are expected to be 0.49 yuan in 2025, 0.56 yuan in 2026, and 0.64 yuan in 2027 [1]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's market share is expected to continue increasing, with significant expansion in new business segments. Despite uncertainties in the real estate transaction market, the company's platform advantages and store expansion are driving market share growth. The home decoration and rental businesses are expected to drive secondary growth. The current stock price of HKD 60.0 corresponds to a PE ratio of 26.7/23.5/21.5 for 2025-2027, maintaining the "Outperform" rating [6][8]. Financial Performance Summary - In Q4 2024, the company's revenue was HKD 31.1 billion, a year-on-year increase of 54.1%, slightly above Bloomberg consensus expectations of HKD 28.8 billion. This was driven by better-than-expected property transaction volumes and new home fee rates. However, the non-GAAP net profit was HKD 1.34 billion, below expectations of HKD 1.77 billion due to lower gross margins and higher-than-expected expenses [7]. - The company's GTV for existing homes in Q4 2024 grew by 59.1% year-on-year, with revenue increasing by 47.5%. The GTV for new homes increased by 49.3%, with revenue rising by 72.7%. The new business segments, including home decoration and rental services, saw revenue growth of 12.8% and 109%, respectively [7][8]. Financial Projections - The company has revised its non-GAAP net profit forecasts for 2025-2026 to HKD 7.33 billion and HKD 8.33 billion, down from previous estimates of HKD 8.98 billion and HKD 10.37 billion. A new forecast for 2027 projects a net profit of HKD 9.14 billion, with year-on-year growth rates of +1.5%/+13.6%/+9.7% for 2025/2026/2027, respectively. The diluted EPS is projected at HKD 2.1/2.4/2.6 for the same years [6][10].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company's performance in Q4 2024 met expectations, with revenue of HKD 11.8 billion, a year-on-year increase of 6%, and a net profit of HKD 1.3 billion, a year-on-year decrease of 21% [9] - The decline in net profit is attributed to a 1.3 percentage point drop in gross margin due to changes in product mix and a 3.1 percentage point increase in sales expense ratio due to increased marketing investments in proprietary brands [9] - The company is focusing on long-term strategies, continuous R&D investments, and strengthening its technological moat while binding with international leading clients [9] Financial Summary - Revenue and profit figures for the company from 2021 to 2027 are as follows: - Revenue: HKD 13,755 million (2021), HKD 12,157 million (2022), HKD 11,177 million (2023), HKD 11,799 million (2024), projected HKD 12,423.9 million (2025E), HKD 14,311 million (2026E), HKD 16,699 million (2027E) [7] - Net Profit: HKD 5,287 million (2021), HKD 2,510 million (2022), HKD 1,645 million (2023), HKD 1,303 million (2024), projected HKD 1,300 million (2025E), HKD 1,653 million (2026E), HKD 2,178 million (2027E) [7] - The company’s PE ratio is projected to be 58.0 (2024E), 46.0 (2025E), and 34.7 (2026E) [7] Business Segments - The company's OEM business showed positive growth in H2 2024, with revenue increasing by 11% year-on-year, particularly in the U.S. market, which saw a 5% increase [9] - The proprietary brand segment continued to grow, with an 11% year-on-year increase in revenue in H2 2024, driven by product line expansion and enhanced brand recognition in the U.S. and U.K. markets [9]

Investment Rating - The report maintains a "BUY" rating for INT Medical, indicating a potential return of over 15% over the next 12 months [17]. Core Insights - INT Medical's revenue for 2024 grew by 13.2% YoY to RMB 852 million, which was 13% below the analyst's estimate, primarily due to pressures on its CDMO business from VBP and increased competition [1]. - The company's attributable net profit increased by 22.7% YoY to RMB 192 million, with a net profit margin improvement of 1.7 percentage points [1]. - The target price is set at HK$33.68, reflecting a 25% upside from the current price of HK$26.95 [3]. Financial Performance Summary - Revenue projections for FY25E, FY26E, and FY27E are RMB 1,025 million, RMB 1,225 million, and RMB 1,398 million, respectively, with YoY growth rates of 20.4%, 19.5%, and 14.1% [2]. - Attributable net profit for FY25E, FY26E, and FY27E is expected to be RMB 206 million, RMB 245 million, and RMB 280 million, with YoY growth rates of 7.5%, 18.7%, and 14.4% [2]. - The gross margin improved to 63.1% in 2024, up 5 percentage points, driven by enhanced capacity utilization and increased automation [7]. Market and Operational Insights - INT Medical expanded its overseas customer base to 281, covering over 86 countries and regions, with overseas revenue growing by 24.2% YoY to RMB 253 million, representing 29.6% of total sales [7]. - The company has implemented cost-reduction and efficiency-enhancement measures, which are expected to stabilize gross margins despite the negative impact of VBP [7]. - The report anticipates solid revenue growth for INT Medical in 2025E, with revenue and attributable net profit projected to increase by 20.4% YoY and 7.5% YoY, respectively [7].

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 660.3 billion yuan in 2024, representing a year-on-year increase of 8%, and a net profit of 194.1 billion yuan, up 68% year-on-year [4] - The growth in revenue and profit is driven by strong performance in gaming and the commercialization of WeChat [4][5] - The company is expected to continue its growth trajectory with projected net profits of 216.9 billion yuan, 236.3 billion yuan, and 255.5 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 660.3 billion yuan, with a year-on-year growth of 8.4% [7] - Net profit for 2024 is 194.1 billion yuan, showing a significant increase of 68.4% year-on-year [7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 23.6 yuan, 25.7 yuan, and 27.8 yuan respectively [4][7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.3, 19.5, and 18.0 respectively [4][7] - The company’s gross margin is expected to improve from 52.9% in 2024 to 55.1% by 2027 [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's market share is expected to continue increasing, with significant expansion in new business segments. Despite uncertainties in the real estate transaction market, the company's platform advantages and store expansion are driving market share growth. The home decoration and rental businesses are expected to drive secondary growth. The current stock price of 60.0 HKD corresponds to a PE ratio of 26.7/23.5/21.5 for 2025-2027, maintaining the "Outperform" rating [6][8]. Financial Summary and Valuation Indicators - The company reported a revenue of 311 billion CNY for Q4 2024, a year-on-year increase of 54.1%, slightly above Bloomberg consensus expectations. However, the non-GAAP net profit was 13.4 billion CNY, below expectations due to lower gross margins and higher expenses [7]. - The company has adjusted its non-GAAP net profit forecasts for 2025-2026 to 73.3 billion CNY and 83.3 billion CNY, respectively, down from previous estimates of 89.8 billion CNY and 103.7 billion CNY. A new forecast for 2027 is set at 91.4 billion CNY, with year-on-year growth rates of +1.5%/+13.6%/+9.7% [6][10]. - The company’s revenue projections for 2023A to 2027E are as follows: 77,777 million CNY, 93,457 million CNY, 104,460 million CNY, 116,695 million CNY, and 126,005 million CNY, with corresponding year-on-year growth rates of 28.2%, 20.2%, 11.8%, 11.7%, and 8.0% [10].

Investment Rating - The report assigns a "Buy" rating for Kingsoft Corporation (3888 HK) with a target price raised from HKD 33 to HKD 50, indicating a potential upside of 18.1% [2][11]. Core Insights - The report highlights that Kingsoft's Q4 profits exceeded expectations, with a projected 31% revenue growth in the gaming segment for 2024, driven by new game releases. The operating profit margin for the gaming business is expected to improve by 15 percentage points to 42% [2][6]. - The application of AI features in WPS is anticipated to continue driving rapid growth in WPS 365 and personal subscription services. The report adjusts profit forecasts based on a 10x/25x P/E ratio for gaming/WPS businesses and an increase in Kingsoft Cloud's market value [2][6]. - The report notes that WPS had a total of 41.7 million paid users by the end of 2024, a 17% year-on-year increase, with AI functionalities enhancing user engagement and conversion rates [6]. Financial Performance Summary - For 2025, the revenue forecast is set at RMB 11,495 million, reflecting a 4% increase from the previous estimate. The gaming segment is expected to generate RMB 5,475 million, a 6% increase, while WPS is projected to reach RMB 6,019 million, a 3% increase [5][13]. - The gross profit for 2025 is estimated at RMB 9,542 million, with a gross margin of 83%, up from 80% in the previous forecast [5][13]. - Adjusted operating profit is forecasted at RMB 4,079 million for 2025, with an adjusted operating margin of 35% [5][13]. Stock Performance - Kingsoft's stock has shown a year-to-date increase of 25.85%, with a 52-week high of HKD 46.90 and a low of HKD 20.10 [4][11].

Investment Rating - The investment rating for Tencent Holdings is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 660.3 billion CNY in 2024, representing a year-on-year growth of 8%, and a net profit of 194.1 billion CNY, which is a significant increase of 68% year-on-year [4] - The strong performance in 2024 Q4 includes a revenue of 172.4 billion CNY (up 10% year-on-year) and a net profit of 51.3 billion CNY (up 90% year-on-year) [4] - The growth in value-added services revenue reached 79 billion CNY (up 14% year-on-year), driven by strong performances in domestic and overseas gaming [4] - The company is expected to continue its growth trajectory, with projected net profits of 216.9 billion CNY, 236.3 billion CNY, and 255.5 billion CNY for 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 660.3 billion CNY, with a projected revenue of 707.1 billion CNY for 2025 [7] - The net profit for 2024 is 194.1 billion CNY, with projections of 216.9 billion CNY for 2025 [7] - The gross margin is expected to improve from 52.9% in 2024 to 55.1% by 2027 [7] - The earnings per share (EPS) are projected to be 23.6 CNY for 2025, with a price-to-earnings (P/E) ratio of 21.3 [7] Business Growth Drivers - The integration of AI technologies has significantly boosted user engagement, with daily active users of Tencent's products increasing over 20 times since the introduction of DeepSeek [5] - The number of evergreen games has increased from 12 in 2023 to 14 in 2024, with a strong pipeline of new games [6] - The advertising revenue from video accounts grew by 60% year-on-year in Q4 2024, indicating a robust monetization strategy [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from the recovery in downstream demand, equipment upgrades, and overseas exports, leading to continued performance improvement [2][3][4] - The company's revenue for 2024 is projected to be 16.13 billion RMB, a year-on-year increase of 23.4%, with a net profit of 3.08 billion RMB, also up 23.6% [1][4] - The company’s comprehensive gross margin for 2024 is 32.5%, an increase of 0.4 percentage points year-on-year, while the net profit margin remains stable at 19.1% [1] Summary by Sections Revenue and Profitability - The company achieved a revenue of 161.3 billion RMB in 2024, with a net profit of 30.8 billion RMB, reflecting strong growth driven by global supply chain restructuring and increased exports [1] - The operating cash flow for 2024 was 21.0 billion RMB, a 4.4% increase year-on-year [1] Sales Performance - Sales revenue from injection molding machines reached 154.1 billion RMB in 2024, up 23.8% year-on-year, while parts and services generated 7.2 billion RMB, a 16.2% increase [2] - The demand recovery in consumer goods, home appliances, and 3C products has significantly boosted sales of the company's Mars and electric series injection molding machines [2] Market Expansion - Domestic revenue grew by 27.7% to 101.1 billion RMB, while overseas revenue increased by 16.8% to 60.2 billion RMB, benefiting from structural adjustments in the global supply chain [3] - The company is advancing its "Five-Five" overseas strategy, with new factories in Japan and Serbia expected to release capacity in 2025 [3] Future Projections - The net profit forecasts for 2025 and 2026 have been raised by 9.3% and 11.0% to 3.5 billion RMB and 3.91 billion RMB, respectively, with an introduction of a 2027 net profit forecast of 4.27 billion RMB [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.19 RMB, 2.45 RMB, and 2.67 RMB, respectively [4]